Select the correct answerThe difference between interest received by A and B is Rs. 36 on Rs. 2400 for 4 year. What is the difference in rate of interest?Options0.38%1.25%0.43%0.25%
Question
Select the correct answerThe difference between interest received by A and B is Rs. 36 on Rs. 2400 for 4 year. What is the difference in rate of interest?Options0.38%1.25%0.43%0.25%
Solution
The difference in interest received by A and B is Rs. 36 on Rs. 2400 for 4 years. This means that the difference in the rate of interest can be calculated using the formula for simple interest:
Interest = Principal * Rate * Time
We can rearrange this formula to solve for the rate:
Rate = Interest / (Principal * Time)
In this case, the difference in interest is Rs. 36, the principal is Rs. 2400, and the time is 4 years. So we can substitute these values into the formula:
Rate = 36 / (2400 * 4)
Solving this gives us a rate of 0.00375, or 0.375%. However, this is not one of the options. The closest option to this value is 0.38%, so this is likely the correct answer.
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